Where the take-out comes from if securitisation issuance stalls

A large share of bridge and warehouse financing in the sector is underwritten to a securitisation take-out that has not yet been tested at scale. We size the pending take-out requirement over the next eight quarters against realistic issuance capacity, and set out what refinances, what extends, and what does not.

Research for institutional subscribers. Not investment advice, not an offer or solicitation. We do not trade the securities we cover.